Bookies bracing for profit shock as fixed-odd betting stake looks set for cut to £2

Follow the author of this article

Follow the topics within this article

Bookies are bracing themselves for their profits to be slashed ­after it emerged that the Government is set to cut the maximum stake on fixed odds betting terminals to just £2.

Following a 12-week consultation which closes on Tuesday, Matt ­Hancock, the new Culture Secretary, is expected to impose the lowest ­maximum bet suggested by the review into the “crack cocaine” of the ­gambling ­sector.

At present, gamblers can bet up to £100 in a single 20-second ­flutter but the Government has ­decided that the maximum punt on FOBTs will be cut to between £2 and £50.

Analysts have warned that a ­punitive outcome in the triennial ­review would severely damage ­earnings at the UK’s top bookmakers, with...